Financial Results : MEPCO loses SAR 77.3M in 2024, SAR 44.5M in Q4

MEPCO loses SAR 77.3M in 2024, SAR 44.5M in Q4

27/03/2025 Argaam Exclusive

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Middle East Paper Co. (MEPCO) narrowed 2024 net losses to SAR 77.3 million from SAR 80.3 million a year earlier.



Financials (M)

Item 2023 2024 Change‬
Revenues 866.75 1,065.26 22.9 %
Gross Income 43.68 107.63 146.4 %
Operating Income (51.23) (52.53) (2.5 %)
Net Income (80.27) (77.33) 3.7 %
Average Shares 66.67 86.67 30.0 %
Earnings Per Share before unusual items (Riyals) (1.16) (0.72) 37.9 %
EPS (Riyals) (1.20) (0.89) 25.9 %

The decline in losses was attributed to a 23% rise year-on-year (YoY) in revenue to SAR 1.06 billion as selling prices jumped 15%. Sales volumes also grew by 5% YoY.

 

The higher selling prices align with the global improvement in paper prices.

 

MEPCO’s gross profit increased to 10% of total revenue, from 5% in 2023.

 

In Q4 2024, MEPCO deepened losses to SAR 44.5 million from SAR 35.7 million in Q4 2023.

 

Similarly, it slid into a deeper loss compared to SAR 18.5 million in Q3 2024.



Current Quarter Comparison (M)

Compared With The
Item Q4 2023 Q4 2024 Change‬
Revenues 224.26 289.83 29.2 %
Gross Income (38.38) (28.94) 24.6 %
Operating Income (29.14) (34.59) (18.7 %)
Net Income (35.70) (44.50) (24.7 %)
Average Shares 66.67 86.67 30.0 %
Earnings Per Share before unusual items (Riyals) (0.54) (0.51) 4.1 %
EPS (Riyals) (0.54) (0.51) 4.1 %

Total shareholders’ equity, after minority interest, reached SAR 1.60 billion as of Dec. 31, 2024, up from SAR 1.07 billion a year earlier.

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